Off The Plan Townhouses in Box Hill Are A Great Investment In This Booming, Multicultural Suburb
If you’re planning to buy off the plan in Melbourne’s eastern suburbs, then the multicultural suburb of Box Hill could be perfect for you. Townhouses, especially in this region, are growing in popularity as they often cost less than a stand-alone home but are more spacious than an apartment. An off the plan townhouse in Box Hill maybe just what you are lookign for.
What Is An Off The Plan Purchase?
You may be wondering what it means to buy off the plan. For those new to the process, buying “off the plan” means making a commitment to a property that has not yet been built.
Essentially, you enter into a contract with a developer and put down a deposit, and then you have some time before the property is finished and you finish paying any outstanding costs.
It’s a great option if you want some time to get your finances in order or want the benefits of choosing layouts and locations rather than choosing from the limited options of what’s already on the market.
Top 10 Reasons To Buy Off The Plan
Stamp Duty Concessions
Stamp duty is a tax you will usually have to pay that covers the cost of changing over titles and ownership details of the property. There is a handy calculator on the State Revenue of Victoria website.
Some people are exempt from or can get concessions paying stamp duty; for example, pensioners or first home owners.
If you look up Consumer Affairs Victoria on their website here, you’ll see that your rights are protected during the building process by a “builder’s guarantee”.
This means that the law in Australia requires builders to uphold certain standards of workmanship, and makes sure they deliver what is stated on the contract. These obligations are under “consumer guarantees” in Australian Consumer Law.
A great advantage to buying off the plan rather than purchasing an established property is that “new home” feel; you get to be the first one to walk through the door and make it your own.
Also, if you get in early with developers, you will have your pick of townhouses available; which, of course, you can still customise before finalising the contract.
If you want to stay ahead of the market, then off the plan is a great choice. You put down a deposit and settle on a price, and even if the market price of the property grows in value, you still pay the original price at the time of the initial contract.
Time On Your Side
When you buy off the plan, one of the biggest advantages is the extra time you have to get things prepared before the property is finished.
You also have more time to finalise any loans, prepare your family for a move, or organise possible tenants if you aren’t going to occupy the property yourself.
Lower Repair and Maintenance Costs
The advantages of a brand-new property include less time and money spent on repairs and maintenance, and a longer period of time before such costs are necessary.
In contrast, when you buy an established property, you could potentially waste money getting the property up to standard.
The Sunset Clause
The “sunset clause” is the period of time your developer has to complete the building process. If the property is not completed within the time period, you can legally dismiss the contract and get your deposit back.
When you purchase a property, you are eligible for tax deduction on any general “wear and tear” that occurs over time; this includes deductions on the building’s structure and permanent fixtures, and depreciation on plant and equipment assets.
You will usually need to hire a professional Quantity Surveyor to create a tax depreciation report for you.
Between the time of initially signing the contract and paying a deposit and the time of completion, you have (usually) a year or two to save money, which means you can pay off a larger chunk of the mortgage and have lower monthly repayments.
Customisation and Choice
Unlike an established property, where you must “make do” with the types of properties available, off the plan properties give you more flexibility when it comes to location and design input.
This is great if you want more input into the location of the property, or want to merge two buildings together, or want to be able to customise certain finishes and fixtures.
An example of these changes is the placement of windows, doors, kitchen and light fixtures, or want to change the floor plan.
Of course, you will have to make these changes before the plans are completed, and you might be liable for extra fees if you change your mind after the finalisation of the original plans.
Why Is Box Hill A Great Place To Buy Off The Plan?
Buying off the plan in Box Hill is a great investment, especially for townhouses; compared with 9.6% of properties in Victoria being townhouses or semi-detached, these types of properties make up 34.2% of homes in Box Hill, according to 2011 census data from The Australian Bureau of Statistics.
The Multicultural Aspect
The residential area of Box Hill is a diverse, multicultural area, whose residents come from all over the world. According to the Australian Bureau of Statistics census data from 2011, 53.3% of Box Hill residents spoke two or more languages at home, and the most common ancestries were 26.7% Chinese and 16.6% English. The area is popular with international buyers, making it a competitive area to invest in. The suburb also features a Thai Buddhist Temple that can be visited by train, tram, or bus.
If you like Asian cuisine (like dumplings, yum cha, curry, ramen, nasi goreng, sushi, or noodles) then Box Hill has plenty of restaurants to choose from. Popular haunts include the Shanghai Garden Dumpling, China Bar, and Gami restaurant. The Box Hill Central Shopping Centre boasts a range of diverse food options for different tastes. The Vegie Hut is also an option for vegetarians.
The Chinese New Year festival, hosted in late January, also has a great range of food to try.
It’s Easy to Get Around
There’s plenty of options for public transport in Box Hill, with trains, buses, and the tram route running from Box Hill to Port Melbourne.
For journey planning and timetables, see the Public Transport Victoria page.
Box Hill is 14km east of Melbourne’s CBD; by train, it takes approximately 38 minutes to the CBD, or 32 minutes by car. It is a one-hour bike ride for those seeking a healthier travelling option.
Lots Of Great Schools
According to 2011 census data, 60.4% of Box Hill properties are made up of family households, which means demand for schools is high in this area; luckily, there’s plenty to choose from.
Early Learning Centres
For families and students, Box Hill has plenty to offer. For toddlers and young children, there are multiple kindergartens and early learning centres, including St Peter’s Anglican Kindergarten with 4-year-old and 3-year-old groups; The Box Hill Early Learning Centre, for infant day-care, early years childcare, kindergarten and preschool; Goodstart Early Learning Centre which includes a nursery, toddler care, kindergarten, and vacation care; and the government-run Central Box Hill Children’s Services Centre for children 0-6 years.
If you need a high school in the area, Box Hill has the Box Hill High School; the Box Hill Senior Secondary College, which has been recognised by the Department of Education and Training for its sport development program; the all-girls college, Our Lady Of Sion College; and the Kingswood College, which is available for kindergarten through to year twelve.
TAFE and University
For further education, Box Hill has a TAFE, The Box hill Institute, with a great number of courses in over 15 study areas, and a University of Divinity, the Yarra Theological Union.
There is also a Chinese Culture School in Box Hill.
Sport and Recreation Centres
Box Hill has a number of clubs and centres for fitness and recreation. The Box Hill RSL has lawn bowls, swimming, darts, snooker, and angling sports groups that meet up and have regular friendly competitions. The RSL also hosts movies, special interest groups, support groups, and great dining options in their bistro and on their Roof Top Bar, known as The Deck.
The Box Hill Golf Club are also popular places for those seeking some easy leisure and recreation.
Aqualink at Box Hill is an impressive aquatic and leisure facility, and during the early 20th century it became the first Olympic standard swimming pool in Australia. Services include indoor and outdoor heated pools, learn-to-swim programs, a warm-water therapy pool, a spring board diving pool, a high-tech gymnasium and group fitness spaces, café, tennis courts, outdoor soccer, and more.
Close To Hospitals
For many people, access to health care and hospitals is very important. Box Hill has two main hospitals, the Epworth Eastern Hospital and the Box Hill Hospital. The Epworth Eastern Hospital has a multitude of services, including a day medical unit and a Chinese speaking concierge. Box Hill Hospital is the largest of Eastern Health’s acute hospitals and features many great services, including a specialist clinic for outpatients and a variety of mental health services.
Leafy Streets and Beautiful Parks
Box Hill has plenty of greenery, and many streets are lined with overhanging trees, with a mixture of older homes and new developments. The largest and most popular park, Box Hill Gardens, is a central feature of the suburb, with picnic tables, a war memorial, BBQ spaces, playgrounds, a cricket pitch, duck pond, and lots of space to stretch out and relax. Sometimes there are musical events held in the gardens, and there’s plenty of space for family activities or get-togethers.
Other parks include Surrey Park and the Victoria Rose Play Space, with a great playground for kids.
Still Have Questions?
If you would like to find out more about off the plan purchases or buying townhouses off the plan, call us today to talk to an industry professional about your options.
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